On May 14, Royal Holdings Co., Ltd. (head office in Fukuoka City) announced plans to close approximately 70 unprofitable establishments by the end of 2021. This includes branches of their family restaurant chain Royal Host. The company’s profits have taken a significant hit due to the spread of the new coronavirus, which has discouraged people from eating out. As of the end of March 2020, the company operates 560 properties, including Royal Host and the tempura restaurant Tenya. Revenues are down in existing Royal Host restaurants by 57.9% for April compared to the same time last year. Projected earnings for the first half of 2020 have been revised from a ¥50 million profit to a ¥15.5 billion deficit. The company also plans to seek a ¥10 billion credit line from financial institutions to navigate through this challenging time. Source: Mainichi Shimbun
#fukuokacorona #fukuokacovid19
Catch all of our Kyushu & Fukuoka local news reports on Twitter, Instagram, and Facebook
Disclaimer: Fukuoka Now posts summaries of Kyushu area related news for the benefit of those who cannot read Japanese. Contents posted here are mostly summaries of publicly posted news stories from Japanese media organizations. Errors might occur during translation. Those errors are ours, and not the source’s. Photos and images are sourced separately and are for illustrative purposes only. Please use this form to send feedback and questions.
